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A reminder of what changed on 1 July 2022
- Superannuation guarantee increased to 10.5%
- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
- Age for downsizer super contributions reduced to 60 years and older
- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000
- New ATO guidelines on trust distributions come into effect primarily impacting distributions to adult children
- Home loan guarantee scheme extended to $35,000 per year for first home buyers and $5,000 per year for single parents
- Australia’s minimum wage increased
How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
The ATO Debt Dilemma Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.
Can my SMSF invest in property development? Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur.
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Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.